A big portion of the criminal funds circulated on the DeFi space is linked to North Korea-backed organizations, the report found.
Blockchain analyst firm Chainalysis published a new report focused on the illicit activities occurring on blockchains, noting that DeFi protocols are the most popular target hackers tend to go after and that money laundering in the space has risen in the past two years.Since the DeFi Boom occurred in the summer of 2020, illicit DeFi transactions have risen steadily. Money laundering and DeFi hacking have been the two major criminal activities on such protocols, Chainalysis’In total, $1.
Besides hacking, money laundering conducted via DeFi has also grown consistently over the past years, with DeFi protocols taking in 69% of the crypto-based funds associated with criminal activities. The report attributed the nature of most such protocols – allowing users to trade one token for another – to the difficulty of tracking the movement of digital assets. Also, the lack of KYC requirements for most DeFi projects has made them more enticing to criminals.The report used the example of the notorious North Korea-linked Lazarus Group, which laundered $91 million worth of cryptocurrencies last year on several protocols.
The report identified an example that has generated over 650,000 wETH in transaction volume through manipulation. It stated that the incidents occurred on the same platform because the marketplace paid out incentive rewards for trading NFTs in the form of the platform’s native token. Users could earn additional tokens by simply transacting more often in between accounts. Meanwhile, NFT collectors may be deceived to believe that the marketplace has more transaction activity than it does.
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